Question

Difference between promissory note bill of exchange and cheque

Answer 1

Answer:In a bill of exchange, there are three parties while in the case of a promissory note the number of parties is 2. Creditor creates Bill of Exchange. On the other hand, Promissory Note is prepared by the debtor. The liability of the maker of the bill of exchange is secondary and conditional.

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Explanation:

Answer 2

Answer:

In a bill of exchange, there are three parties ''i.e.'' the drawer, the drawee, and the payee. Cheque: In a cheque, there are three parties ''i.e.'' there drawer, and the payee. In a promissory note, the maker and the payee are different persons.